Palm Oil Prices Back to the Range of 4700-5200 Again?
Palm oil prices closed higher and back to the range of 4700-5200.
Several Factors that make the palm oil prices back to the range of 4700-5200 as below:
1. Weakness in soybean oil after US raised proposal to scale back biofuel blending mandates
2. Shortage of Workers due to coronavirus pandemic & higher cost of recruitment as palm oil producers make changes in response to accusations of forced labour
3. Record high fertilizer prices
4. MPOB showed higher inventories offset by lower production and higher exports
Technical view:
1. Doji formed after range trading between 4724-4949- signal market struggle for new direction
2. Harami indicates reversal signal
3. Stochastic level= remain bearish signs
Suggestion Trade:
Buying at support 4700; Stop Loss 4600; Target Profit 4950-5000
Selling at resistance 5000; Stop Loss 5200; Target Profit 4750-4800
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **
Several Factors that make the palm oil prices back to the range of 4700-5200 as below:
1. Weakness in soybean oil after US raised proposal to scale back biofuel blending mandates
2. Shortage of Workers due to coronavirus pandemic & higher cost of recruitment as palm oil producers make changes in response to accusations of forced labour
3. Record high fertilizer prices
4. MPOB showed higher inventories offset by lower production and higher exports
Technical view:
1. Doji formed after range trading between 4724-4949- signal market struggle for new direction
2. Harami indicates reversal signal
3. Stochastic level= remain bearish signs
Suggestion Trade:
Buying at support 4700; Stop Loss 4600; Target Profit 4950-5000
Selling at resistance 5000; Stop Loss 5200; Target Profit 4750-4800
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **